How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public consists of clients, credit grantors, governments, employers, employees, investors, the business and financial community, and others who rely on the objectivity and integrity of professional accountants. c. The collective well-being of the community of people and institutions the professional accountant serves. d. The standards of the accountancy profession are heavily determined by the public interest

How did the Code of Ethics define public
interest?
a. A distinguishing mark of a profession is
the acceptance of its responsibility to the
public.
b. The accountancy profession's public
consists of clients, credit grantors,
governments, employers, employees,
investors, the business and financial
community, and others who rely on the
objectivity and integrity of professional
accountants.
c. The collective well-being of the
community of people and
institutions the professional
accountant serves.
d. The standards of the accountancy
profession are heavily determined by the
public interest
by

1 Answer

Answer :

The collective well-being of the
community of people and
institutions the professional
accountant serves.
by

Related questions

Which of the following is a distinguishing mark of the accountancy profession? a. A drive to excellence b. Acceptance of the responsibility to act in the public interest c. Professional objectivity d. Professional skepticism

Description : Which of the following is a distinguishing mark of the accountancy profession? a. A drive to excellence b. Acceptance of the responsibility to act in the public interest c. Professional objectivity d. Professional skepticism

Last Answer : Acceptance of the responsibility to act in the public interest

Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts who are not a professional accountant. b. The ultimate responsibility for the professional service is assumed by the expert who is not a professional accountant. c. The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession. d. Experts who are not professional accountants need not be informed of ethical requirements because they are not members of the Accountancy profession

Description : Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts ... not be informed of ethical requirements because they are not members of the Accountancy profession

Last Answer : The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession.

Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of significant interests in the affairs of an audit client. c. Possessing the ability to act with integrity and objectivity. d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Description : Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of ... . d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Last Answer : Possessing the ability to act with integrity and objectivity.

A primary purpose for establishing a code of ethics within a professional organization is to: a. Demonstrate the acceptance of responsibility Jo the interest of those served by the profession. b. Reduce the likelihood that members of the profession will be sued for substandard work. c. Ensure that all members of the profession posses approximately the same level of competencyd. Require members of the profession toexhibit loyalty in all matters pertaining tothe affairs of the organization

Description : A primary purpose for establishing a code of ethics within a professional organization is to: a. Demonstrate the acceptance of responsibility Jo the interest of those served by the profession. b. ... of the profession to exhibit loyalty in all matters pertaining to the affairs of the organization

Last Answer : Demonstrate the acceptance of responsibility Jo the interest of those served by the profession

The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This provision of the code of ethics is applicable to: a. Only to CPAs engaged in public accountancy. b. CPAs engaged in public accountancy or employed in a private enterprise. c. CPAs engaged in public accountancy or employed in a private enterprise or government agency. d. All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

Description : The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This ... accountancy, or employed in a private enterprise, a government agency or an educational institution

Last Answer : All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

Advertising, as defined in the Code of Ethics, means a. The communication to the public of facts about a professional accountant which are not designed for the deliberate promotion of that professional accountant. b. The approach to a potential client for the purpose of offering professional services. c. The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business. d. Any of the given choices

Description : Advertising, as defined in the Code of Ethics, means a. The communication to the public of facts about a professional accountant which are not designed for the deliberate promotion of that professional ... in public practice with a view to procuring professional business. d. Any of the given choices

Last Answer : The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business

According to the Code of Ethics, thecharacteristics distinguishing theaccountancy profession include thefollowing except:a. To meet public interestrequirement.b. Adherence by its members to a commoncode of values and conduct establishedby its administering body.c. Acceptance of a duty to society as awhole. d. Mastery of a particular intellectual skill,acquired by training and education

Description : According to the Code of Ethics, thecharacteristics distinguishing the accountancy profession include the following except: a. To meet public interest requirement. b. Adherence by its members to a common ... a whole. d. Mastery of a particular intellectual skill, acquired by training and education

Last Answer : To meet public interest requirement

Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated by the Board of Accountancy b. Planning the engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Description : Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated ... engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Last Answer : Studying and evaluating internal control structure

Existing accountant, as defined in the Code of Ethics, means a. A professional accountant employed in industry, commerce, the public sector or education. b. Those persons who hold a valid certificate issued by the Board of Accountancy. c. A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client. d. A sole proprietor, or each partner or person occupying a position similar to that of a partner and each staff in a practice providing professional services

Description : Existing accountant, as defined in the Code of Ethics, means a. A professional accountant employed in industry, commerce, the public sector or education. b. Those persons who hold a valid ... a position similar to that of a partner and each staff in a practice providing professional services

Last Answer : A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

Which of the following is incorrect regarding integrity and objectivity? a. Integrity implies not merely honesty but fair dealing and truthfulness. b. The principle of objectivity imposes the obligation on all professional accountants to be fair, intellectually honest and free of conflicts of interest. c. Professional accountants serve in many different capacities and should demonstrate their objectivity in varying circumstances.d. Professional accountants should neither accept nor offer any gifts or entertainment.

Description : Which of the following is incorrect regarding integrity and objectivity? a. Integrity implies not merely honesty but fair dealing and truthfulness. b. The principle of objectivity imposes the ... circumstances. d. Professional accountants should neither accept nor offer any gifts or entertainment.

Last Answer : Professional accountants should neither accept nor offer any gifts or entertainment.

Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. b. To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. c. To adopt a Code of Ethics for the practice of accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Description : Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. ... accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Last Answer : To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.

CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for Professional Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Description : CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for ... Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Last Answer : AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently applied. b. Maintain an impartial attitude on all matters which come under his review. c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Last Answer : Maintain an impartial attitude on all matters which come under his review.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit procedures. b. Determine the materiality of items. c. Determine accounting practices that were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit ... were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Last Answer : Maintain an impartial attitude on all matters which come under his review

The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service. b. To comply with relevant laws and regulations and avoid any action that discredits the profession. c. Not to override or compromise his professional or business judgment because of bias, conflict of interest or undue influence of others. d. To be fair and truthful.

Description : The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a ... , conflict of interest or undue influence of others. d. To be fair and truthful.

Last Answer : To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service.

No matter competent a CPA may be, his opinion on financial statements will be of little value to those who rely upon him unless he: a. Maintains his independence. b. Maintains professional competence. c. Maintains a program of continuing education. d. Serves his clients with professional concern.

Description : No matter competent a CPA may be, his opinion on financial statements will be of little value to those who rely upon him unless he: a. Maintains his independence. b. Maintains professional competence. c. Maintains a program of continuing education. d. Serves his clients with professional concern.

Last Answer : Maintains his independence

This fundamental ethical principle prohibits association of professional accountants with reports, returns, communications and other information that contains materially false or misleading information or statements. a. Integrity b. Objectivity c. Professional competence and due care d. Professional behavior

Description : This fundamental ethical principle prohibits association of professional accountants with reports, returns, communications and other information that contains materially false or misleading information or statements ... b. Objectivity c. Professional competence and due care d. Professional behavior

Last Answer : Integrity

.If a professional accountant is billing an audit client a number of hours greater than those actually worked, which of the following fundamental principles is likely violated? a. Objectivity b. Integrity c. Professional due care d. Confidentiality

Description : If a professional accountant is billing an audit client a number of hours greater than those actually worked, which of the following fundamental principles is likely violated? a. Objectivity b. Integrity c. Professional due care d. Confidentiality

Last Answer : Integrity

Which of the following values is not necessary for a professional accountant? a. Honesty b. Objectivity c. Integrity d. A primary commitment to selfinterest

Description : Which of the following values is not necessary for a professional accountant? a. Honesty b. Objectivity c. Integrity d. A primary commitment to selfinterest

Last Answer : A primary commitment to selfinterest

A professional accountant is likened to a prudent father to his son. This relates to what fundamental principle? a. Professional competence and due care b. Confidentiality c. Integrity d. Objectivity

Description : A professional accountant is likened to a prudent father to his son. This relates to what fundamental principle? a. Professional competence and due care b. Confidentiality c. Integrity d. Objectivity

Last Answer : Professional competence and due care

There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance engagement in ensuring that the conclusion of the professional accountant has value to the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

Description : There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance ... the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

Last Answer : Objectivity

Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. Professional competence may be divided into two separate phases. c. The attainment of professional competence requires initially a high standard of general education. d. The maintenance of professional competence requires a continuing awareness of development in the accountancy profession

Description : Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. ... maintenance of professional competence requires a continuing awareness of development in the accountancy profession

Last Answer : Professional accountants may portray themselves as having expertise or experience they do not possess

The principle of professional behavior requires a CPA to a. Be straightforward and honest in performing professional services. b. Perform professional services with due care, competence and diligence.c. Be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. d. Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession

Description : The principle of professional behavior requires a CPA to a. Be straightforward and honest in performing professional services. b. Perform professional services with due care, competence and diligence. ... of the profession and refrain from any conduct which might bring discredit to the profession

Last Answer : Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession

How frequent can a professional accountants have press and other media releases commemorating their anniversaries in public practice by informing the public of their achievements or accomplishments in contributing toward nation building or enhancing the image or standards of the accounting profession? a. 2 years b. 3 years c. 5 years d. 6 years

Description : How frequent can a professional accountants have press and other media releases commemorating their anniversaries in public practice by informing the public of their achievements or accomplishments in contributing toward nation building ... profession? a. 2 years b. 3 years c. 5 years d. 6 years

Last Answer : 5 years

Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit practice. c. To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines. d. To undertake continuing research on both auditing and financial accounting in order to make them responsive to the needs of the public

Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public

Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.

The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public accountants. c. The integration of the accounting profession. d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Description : The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public ... d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Last Answer : The integration of the accounting profession.

Intimidation threat a. Is not a threat to independence. b. Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers or employees of an assurance clienc. Occurs when, by virtue of a close relationship with an assurance client, its directors, officers or employees, a firm or a member of the assurance team becomes too sympathetic to the client's interests. d. Occurs when a firm, or a member of the assurance team, promotes, or may be perceived to promote, an assurance client's position or opinion to the point that objectivity may, or may be perceived to be, compromised.t

Description : Intimidation threat a. Is not a threat to independence. b. Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or ... or opinion to the point that objectivity may, or may be perceived to be, compromised.

Last Answer : Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers or employees of an assurance client.

Which part of the Code of Ethics applies to professional accountants in public practice? a. Part A b. Part B c. Part A and Part B d. Part C

Description : Which part of the Code of Ethics applies to professional accountants in public practice? a. Part A b. Part B c. Part A and Part B d. Part C

Last Answer : Part A and Part B

The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified Public Accountants (PICPA) b. Auditing and Assurance Standards Council (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Description : The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified ... (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Last Answer : Philippine Institute of Certified Public Accountants (PICPA)

The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The limitation of financial statement audit scope. c. Job qualification specifications that include added emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Description : The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The ... emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Last Answer : Increased complexity and sophistication of business operations.

The CPA title was conceived and created, under the first accountancy law, for professional accountants engaged in which of the following? a. Accounting education b. Public accounting c. Management accounting d. Government accounting

Description : The CPA title was conceived and created, under the first accountancy law, for professional accountants engaged in which of the following? a. Accounting education b. Public accounting c. Management accounting d. Government accounting

Last Answer : Public accounting

A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. b. To comply with technical standards and ethics requirements. c. To comply with the quality review of amember body or professional bodyd. To respond to an inquiry or investigationby a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.

Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Description : Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Last Answer : Client's management

This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Description : This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Last Answer : Professional accountant.

The term professional accountant in public practice includes the following, except: a. A sole proprietor providing professional services to a client. b. Each partner or person occupying a position similar to that of a partner staff in a practice providing professional services to a client. c. Professional accountants employed in the public sector having managerial responsibilities. d. A firm of professional accountants in public practice

Description : The term professional accountant in public practice includes the following, except: a. A sole proprietor providing professional services to a client. b. Each partner or person occupying a ... public sector having managerial responsibilities. d. A firm of professional accountants in public practice

Last Answer : Professional accountants employed in the public sector having managerial responsibilities

Which of the following statements best describes the primary purpose of Philippines Standards on Auditing? a. They are authoritative statements, enforced through the Code of Ethics forProfessional Accountants, that areintended to limit the degree of auditorjudgment. b. They are procedural outlines which areintended to narrow the areas ofinconsistency and divergence of auditoropinion.c. They are guides intended to set forthauditing procedures that are applicableto a variety of situations.d. They are interpretations which areintended to clarify the meaning of"generally accepted auditingstandards.

Description : Which of the following statements best describes the primary purpose of Philippines Standards on Auditing? a. They are authoritative statements, enforced through the Code of Ethics ... interpretations which are intended to clarify the meaning of "generally accepted auditing standards.

Last Answer : They are interpretations which are intended to clarify the meaning of "generally accepted auditing standards.

In their fiduciary role, the professional accountants owe their primary loyalty to: a. The accounting profession b. The general public c. The client d. Government regulatory agencies

Description : In their fiduciary role, the professional accountants owe their primary loyalty to: a. The accounting profession b. The general public c. The client d. Government regulatory agencies

Last Answer : The client

The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or fraud. a. Objectivity and integrity b. Professional c. Independence is mental attitude d. Sufficient appropriate evidence

Description : The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or ... integrity b. Professional skepticism c. Independence is mental attitude d. Sufficient appropriate evidence

Last Answer : Professional skepticism

Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law and the rules and regulations promulgated therewith. b. To look from time to time into the conditions affecting the practice of the accountancy profession. c. To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program. d. To determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Description : Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law ... determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Last Answer : To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program.

The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out sentences of imprisonment to CPAs who fail to present a valid system of quality control. c. Revoke the certificate of registration and professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures and who has not complied with the standards of quality prescribed for the practice of public accountancy. d. All of these

Description : The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out ... with the standards of quality prescribed for the practice of public accountancy. d. All of these

Last Answer : Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review.

Professional accountants may encounter problems in identifying unethical behavior or in resolving an ethical conflict. When facedwith significant ethical issues, professionalaccountants should do the following, excepta. Follow the established policies of theemploying organization to of such Review the conflict problem with superior if the do not resolve the ethicalconflict.c. If the problem is not resolved withthe immediate superior and theprofessional accountant determinesto go to the next higher manageriallevel, the immediate superior neednot be notified of the decision.d. Seek counseling and advice on aconfidential basis with an independentadvisor or the applicable professionalaccountancy body or regulatory body toobtain an understanding of possiblecourses of action

Description : Professional accountants may encounter problems in identifying unethical behavior or in resolving an ethical conflict. When facedwith significant ethical issues, professional accountants should do the following ... body or regulatory body to obtain an understanding of possible courses of action

Last Answer : If the problem is not resolved with the immediate superior and the professional accountant determines to go to the next higher managerial level, the immediate superior need not be notified of the decision.

A CPA’s retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable by the Code of Ethics. c. Ill advised since it would impair the CPA’s independence with respect to the client. d. Considered discreditable to the profession

Description : A CPA's retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable ... would impair the CPA's independence with respect to the client. d. Considered discreditable to the profession

Last Answer : Considered discreditable to the profession

The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by the President of the Philippines upon recommendation of PICPA. c. Majority of the board members shall as much as possible be in public practice. d. The Professional Regulation Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Description : The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by ... Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Last Answer : The Board consists of a Chairman and six members.